BANK OF NEW SOUTH WALES.

Auckland Star, Volume LXII, Issue 282, 28 November 1931, Page 4

BANK OF NEW SOUTH WALES.

REDUCTION OF DIVIDEND. FINAL PAYMENT AT 1% PER CENT. The report of the directors of the Bank of New South Wales for the year ended September 30, which was presented at the annual meeting of shareholders in Sydney vesterday, states that the net profits, after payment of taxation amounting to £457,522 (as against £366,621 last year) and other previsions, Avere £565,235. To this is added the undivided balance at September 30, 1930, £166,928, making £732,163 available. Interim dividends for the 'first two quarters at 9/ a share and for the third quarter at 8/ a share, absorbed in all £487,500. The directors now recommend payment of a dividend at the rate of 6/ a share (1% per cent), Australian currency, absorbing £112,500, and a dividend at a similar rate. Australian currency, on the new., share capital, £1,280,000, to be issued in terms of the agreement for amalgamation with the Australian Bank of Commerce, absorbing a further £19.200, and leaving £112,963 to be carried forward. Following is a comparison of the bank s results and appropriations , for , the last three years:— 1929. 1930. 1931. Brought forw'd £168,054 £163,479 £166,928 Net profits .. 994,825 734,699 565,235 £1,163,479 £898,178 £732,163 To reserve .. 250,000 — — Dividend, p.c. .10 93 8 Amount .. . 750,000 731,250 *619,200 Carried for'wd £1G3,479 £166,92"8 £112,963 •Including quarter's dividend on new capital to be issued to shareholders of the Australian Bank of Commerce. Assets and Liabilities. Liquid assets show an expansion of £6,300,832 to £31,119,729. The increase has principally taken place in short-dated British and Commonwealth treasury bills and British and Colonial Government securities, which together have increased by £5,523,500 to £12,790,000. The Com-j nionwealth Bills is a new item which fol- j lows the appearance of the short-dated British bills at £2,550,000 in 1930. Municipal and other securities are £196,250 higher at £439,136. Money at short call in London is less by £390,000, but there is practically no change in bills receivable iu London and remittances in transit which at £3,410,224 compare with £3,399,695 in the previous year. > Liabilities, exclusive of shareholders' funds, amount to £74,134,307, an increase 7 of £1,300,577 on last year's figureSTOCK EXCHANGE REACTION. EFFECT OF LOWER DIVIDEND. SYDNEY, November 27. The .iiiitfitanding feature of the Stock Kxehange to-day was the sharp or op in iiank of New South Wales shares, which tell 20/ to £31 in consequence of the reliaced dividend.